Bold Street, Fleetwood

Completed project | Fleetwood

A large end-terraced property converted into four one-bedroom flats and leased to a Registered Provider on 10-year leases. The case shows how a completed multi-unit asset can be positioned around provider-backed income, refinance assumptions and long-term operational simplicity.

Primary result

£15,000 uplift

Yield

10.43%

Delivery scale

4 flats

Route / strategy

Social housing leased assets

Story

The situation

Bold Street had been converted into four one-bedroom flats and completed to a high standard. A Registered Provider expressed interest, the property passed initial checks, and 10-year leases were in placed across all four units, with the earliest lease starting in November 2023.

The problem

The opportunity needed to be understood as a completed provider-backed income asset rather than a normal residential block. A buyer needed clarity on the unit configuration, lease structure, acquisition cost, refinance position and long-term income assumptions.

What was done

Root Home structured the case around the completed conversion, provider lease position, freehold ownership, refinance assumptions and the distinction between capital uplift and long-term income.

Project media

Delivery and works

Scope

No further works were required. The conversion had been completed to a high standard and the asset was sold with the benefit of leases in place.

Execution

The property was converted into four one-bedroom flats, brought to provider-ready standard and let under 10-year leases. The investment case was then framed around acquisition cost, GDV, lending assumptions and net cashflow.

Stabilisation

All four units had 10-year provider leases in place, creating a stabilised multi-unit income position with clear operating assumptions.

Financial outcome

Total cost

£228,950

Total capital deployed.

End value

£225,000

Delivered value.

Profit or uplift

£15,000 uplift

Primary project result.

Yield

10.43%

Reported where relevant.

Programme

Completed; 10-year leases from November 2023

Total programme.

Units delivered

4 flats

Output delivered.

Result and impact

Operational result

The project converted a larger residential asset into a completed four-flat provider-backed investment, with leases in place and a defined refinance and income profile.

Who benefits

A buyer looking for a completed, multi-unit income asset benefits from provider-backed leases, clear unit separation and reduced delivery uncertainty.

Why it matters

This case shows how larger residential stock can be repositioned as a social housing leased investment when the provider, lease term, condition and refinance assumptions are made clear.

Lessons and strategic value

– Multi-unit provider assets need lease-by-lease clarity.
– Completed works materially reduce buyer uncertainty.
– Refinance assumptions should be separated from income performance.
– Provider-backed occupation changes the way the asset should be assessed.

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